The Deal is Done: Overlook Manor Townhouses of Frederick, MD
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AGM Financial Services, Inc. is proud to announce the recent closing of a FHA-Insured $10,500,000 mortgage under the 221(d)(4) substantial rehab program for Overlook Manor Townhouses located in Frederick, Maryland. This rental townhome community was originally built in 1985 and features 63 units in nine two-story buildings plus another townhome used for the office and community space. The renovation was also funded by 4% Tax Credits, Tax Exempt Bonds, Rental Housing Works (RHW) funds, HOME funds, and a MEEHA Loan. Combining these sources of funds, the owner will be able to provide extensive renovations averaging $71,700 per unit and expand several units to increase the number of handicap accessible homes. In addition, this previously unrestricted property will become 100% Affordable, preserving this community as affordable housing for many decades to come. The new income limits provide for 13 homes restricted to households whose incomes are at or below 50% of area median income, with the remaining 50 homes restricted to households whose incomes are at or below 60% of area median income.
We want to thank everyone who made this closing a success:
Borrower: New Overlook Owner, LP
Sponsor/Co-Sponsors: The NHP Foundation
General Contractor: Southway Builders, Inc.
Property Management: Edgewood Management
Borrower’s Counsel: Bocarsly Emden Cowan Esmail & Arndt LLP
Architect: Studio K Architecture
Appraiser: Principle Real Estate Consultants
Market Analyst: Novogradac & Company LLP
A&E/Cost Reviewer: JPS & Associates, Inc.
Mortgage Insurance Provider:
Regional & Satellite Office: New York HUD
Closing Office: Baltimore HUD
Mortgage Backed Securities: GNMA
Lender’s Counsel: Krooth & Altman LLP
Title Company: Residential Title & Escrow Company
Capital Needs Assessment, E-Tool: JPS & Associates, Inc.
Environmental Studies & HEROS: Dominion Due Diligence Group
Bond Issuer: Maryland DHCD
Issuer’s Counsel: Kutak Rock LLP
Bond Underwriter: Stifel, Nicolaus, & Company, Incorporated
Underwriter’s Counsel: Tiber Hudson LLC
Tax Credit Syndicator: PNC Real Estate
Syndicator’s Counsel: Kutak Rock LLP
Surveyor: Frederick Seibert & Associates, Inc.
To see how AGM can make your deal work for you, contact AGM’s Origination Team.
About AGM Financial
Founded in 1990, AGM is a leading FHA lender and GNMA seller/servicer. From new construction and substantial rehab to acquisition or refinance — for both market-rate and affordable projects — AGM gets the deal done. Family-owned with over 30 years of experience, the firm has closed over $9 billion in FHA-insured multifamily project loans nationwide. We underwrite, fund, and service all of our loans. Developers and owners can count on AGM to be accessible, transparent, consistent, and ready to lend. From new construction to substantial rehabilitation to acquisition and refinance — for both market-rate and affordable projects — we can get the deal done. To learn more about AGM, call 800.729.4266 or visit agmfinancial.com.
